Jewellery: Don't forget to check your valuables are fully insured
Your own jewellery may be slightly less valuable than the estimated £200,000 engagement ring Prince Harry gave bride-to-be Meghan Markle but it still needs insuring properly.
Direct Line have warned Britons to insure jewellery fully
Britons made nearly 80,000 claims last year for lost or stolen jewellery, at an average cost of more than £3,500.
Of these, 44 per cent were for lost jewellery and 36 per cent for theft, with the remainder for damaged items, according to new analysis from Direct Line home insurance.
Rings are most in danger making up one in five claims, followed by watches, earrings, bracelets and pendants.
It is important to insure treasured trinkets and family heirlooms that may be worth a princely sum even if you did not marry into the Royal Family.
Many are left without the appropriate cover when items are lost or stolen.
Direct Line director Katie Lomas said too many fail to keep track of their jewellery and how much it is worth:
“Many are left without the appropriate cover when items are lost or stolen.”
She said it is important to get expensive jewellery valued and check it is covered under your home contents insurance policy, both in and away from home.
More valuable items may exceed your insurer’s “single item” limit, which can be as low as £1,000.
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You may need to get pricier belongings individually listed, for a small extra charge.
You should check whether valuables are covered through your policy’s “away from home” or “all risks” cover.
Lomas suggested keeping copies of receipts for expensive new items along with photos as proof of purchase.
One in five jewellery claims is about a lost or stolen ring